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Turkish central bank tightens monetary policy by the back door

The Central Bank of the Republic of Turkey tightened monetary policy today (May 9) as the Turkish lira continued to weaken.

The CBRT said it was suspending one-week repo auctions indefinitely. It said it was “considering the developments in financial markets”. Since May 5, the lira has lost 4.4% of its value against the US dollar, hampering authorities’ efforts to tame inflation.

The measure prevents banks from borrowing at the CBRT’s lowest rate of 24%, and forces them to borrow instead at